Despite efforts of the trade unions the pan-European mail order retailer Neckermann has begun insolvency proceedings after its backers rejected turnaround plans. The company had announced in April 2012 that it was phasing out its catalogue business and planned to cut 1,380 of its roughly 2,400 jobs in Germany in order to secure financing for the future. By mid-July, it agreed with employee and union representatives on a compromise that would have seen ‘limited’ payoffs and other aid for laid-off employees. But private investment firm Sun Capital Partners that owns 100% of Neckermann decided the result wasn't sustainable and refused to provide further financing.
English: http://www.wect.com/story/19053873/german-mail-order-firm ... http://www.wsws.org/articles/2012/jul2012/neck-j09.shtml
German: http://www.fr-online.de/frankfurt/neckermann-insolvenz-alles-aus ...
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